[144 Pages Report] The global IoT Security Market size is expected to grow from USD 8.2 billion in 2018 to USD 35.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 33.7% during the forecast period. Major factors driving the growth of the market are the increasing number of ransomware attacks on IoT devices across the globe, growing IoT security regulations, and rising security concerns over critical infrastructures.

The network security segment to hold the largest IoT security market size during the forecast period

Network security is a technique for securing networks from advanced threats by collecting and analyzing the different types of network security event information. It combines the multiple layers of defenses at the edge and in networks. It is one of the important aspects when it comes to securing the IoT ecosystem. It consists of wireless communication, remote access security, and gateway. Wireless communication is carried out with the help of various secure protocols, including LPWAN, Zig-bee, 6LowPAN, Bluetooth, Z-Wave, and NFC. In the IoT ecosystem, a huge amount of data is communicated through remote devices; therefore, the security of this wireless communication plays a significant role in network security.

The smart energy and utilities segment to grow at the highest CAGR during the forecast period

Smart energy includes smart meters, smart appliances, renewable energy resources, and energy efficient resources. The organizations in this smart energy and utilities industry primarily focus on 3 aspects while deploying smart energy systems. These aspects are electricity distribution, production control, and electronic power conditioning. The integration of IoT with all these aspects helps reduce costs to develop, test, and deploy the interconnected networks in the ultimate energy grids. Security threats to energy networks include malware injections, denial of service, attacks on privacy, and thefts of data and energy.

North America to hold the largest market size during the forecast period

North America comprises developed countries, such as the US and Canada. These countries have invested significantly in R&D activities, thereby contributing to the development of innovative technologies. The US and Canada are the early adopters of trending technologies, such as IoT, big data, and mobility, and they create enormous opportunities for IoT security vendors. The startup culture in North America is growing at a faster pace as compared to that of other regions. The increasing number of Small and Medium-sized Enterprises (SMEs) and growing digitization trend in different industries are expected to boost the growth of the North American market.

8 Market, By Solution (Page No. - 53) 8.1 Introduction 8.2 Identity Access and Management 8.2.1 Increasing Attacks on IoT Devices to Increase the Demand for Identity Access and Management Solutions 8.3 Data Encryption and Tokenization 8.3.1 Increasing Concerns of Data Security to Drive the Growth of Data Encryption and Tokenization Segment in the IoT Security Market 8.4 Intrusion Detection System and Intrusion Prevention System 8.4.1 Security Vulnerabilities in the IoT Ecosystem to Increase the Demand for Intrusion Detection and Prevention System Solutions 8.5 Device Authentication and Management 8.5.1 Adoption of Different Types of IoT Devices on A Single Platform to Increase Data Security Concerns 8.6 Secure Software and Firmware Update 8.6.1 Need for Robust and Safe IoT Environment to Increase the Demand for Secure Software and Firmware Update Solutions 8.7 Secure Communications 8.7.1 Increasing Data Transfer Between IoT Devices to Enforce Enterprises to Adopt Secure Communications Solutions for Securing IoT Devices 8.8 Public Key Infrastructure Lifecycle Management 8.8.1 Public Key Infrastructure to Help Enterprises Manage Security of Large Number of IoT Devices 8.9 Distributed Denial of Service Protection 8.9.1 Increasing Sophisticated Distributed Denial of Service Attacks on IoT Devices to Surge the Demand for Distributed Denial of Service Protection Solutions 8.10 Security Analytics 8.10.1 Increasing Threats and Attacks on IoT Devices to Drive the Growth of Security Analytics Solutions 8.11 Others

9 IoT Security Market, By Service (Page No. - 65) 9.1 Introduction 9.2 Professional Services 9.2.1 Integration Service 9.2.1.1 Growing Need for Deploying IoT Security Solutions Across Platforms to Increase the Demand for Integration Services 9.2.2 Consulting Service 9.2.2.1 Rising Technological Advancements Across Industries to Increase the Need for Consulting Services 9.2.3 Support and Maintenance Service 9.2.3.1 Need for Continuous Maintenance and Software Updates to Increase the Demand for Support and Maintenance Services 9.3 Managed Services 9.3.1 Rising Niche Requirements From Customers to Increase the Demand for Managed Services

10 Market, By Application Area (Page No. - 71) 10.1 Introduction 10.2 Smart Manufacturing 10.2.1 Rise of Industrial IoT and Industry 4.0 Standards Enable Manufacturing Enterprises to Deploy IoT Devices at A Significant Scale 10.3 Smart Energy and Utilities 10.3.1 Malware Injections, Denial of Service, Attacks on Privacy, and Thefts of Data and Energy to Drive the Growth of the Market in the Energy and Utilities Industry 10.4 Connected Logistics 10.4.1 Increasing Trend of Connected Logistics to Drive the Growth of Security Solutions 10.5 Smart Home and Consumer Electronics 10.5.1 Vulnerability of Consumer Electronics to Increase the Demand for IoT Security Solutions 10.6 Connected Healthcare 10.6.1 Increasing Number of Connected Medical Devices to Significantly Contribute to the Growth of IoT Security in Healthcare 10.7 Smart Government and Defense 10.7.1 Increasing Adoption of Digital Solutions and Technologies in Government and Defense Industry to Lead the Demand for IoT Security Solutions and Services 10.8 Smart Transportation 10.8.1 Increasing Number of Connected Cars, Fleet Trucks, and Containers to Drive the Growth of the Market 10.9 Smart Retail 10.9.1 High Risk of Attacks on Monitory Transactions in Retail to Increase the Demand for IoT Security Solution 10.10 Others

11 IoT Security Market, By Region (Page No. - 82) 11.1 Introduction 11.2 North America 11.2.1 United States 11.2.1.1 Increasing Government Investments and Contracts to Drive the Growth of the Market in the Us 11.2.2 Canada 11.2.2.1 Canadian Government Invested USD 20.6 Billion to Increase Security Level for Public Safety 11.3 Europe 11.3.1 United Kingdom 11.3.1.1 UK Government to Launch New Initiatives for Integrating IoT With Various Business Processes 11.3.2 Germany 11.3.2.1 Germany Increased IoT Security Activities to Enhance Cybersecurity 11.3.3 Rest of Europe 11.4 Asia Pacific 11.4.1 China 11.4.1.1 Implementation of Smart City Initiatives to Contribute Toward the Growth of the Market 11.4.2 India 11.4.2.1 Initiatives for Developing Smart Cities and Smart Manufacturing to Boost the Growth of the Market in India 11.4.3 Rest of Asia Pacific 11.5 Middle East and Africa 11.5.1 Kingdom of Saudi Arabia 11.5.1.1 Increasing Investments in IoT to Drive the Demand for IoT Security Solutions 11.5.2 United Arab Emirates 11.5.2.1 Dubai IoT Strategy and Data Wealth Initiative to Drive the Growth of the Market 11.5.3 Rest of Middle East and Asia 11.6 Latin America 11.6.1 Brazil 11.6.1.1 Increasing Government Initiatives to Boost the Growth of the IoT Security Market 11.6.2 Mexico 11.6.2.1 Private Organizations to Take Initiatives to Enhance Awareness of IoT Potential in Mexico 11.6.3 Rest of Latin America

The study involved 4 major steps to estimate the current market size for the IoT security market. The exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the overall market size. Thereafter, market breakup and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet, have been referred to, to identify and collect information for this study. These secondary sources included annual reports; press releases and investor presentations of companies; white papers, technology journals, and certified publications; and articles from recognized authors, directories, and databases.

Primary Research

The IoT security market comprises several stakeholders, such as solution and service providers, support and maintenance service providers, manufacturing enterprises, technology consultants, system design and development vendors, and logistics and supply chain management providers. The extensive primary research was conducted to gather information, and verify and validate the critical numbers arrived at. Primary research was also conducted to identify the segmentation types; industry trends; key players; competitive landscape of different market players; and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key strategies. Following is the breakup of primary respondents:

IoT Security Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the overall size of the market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

The key players in the in the market have been identified through the extensive secondary research.

The IoT security market expenditure across regions, along with the geographic split in various segments have been considered to arrive at the overall market size.

All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size  using the market size estimation processes as explained above  the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the IoT security industry.